Ending the Generational Abuse of Student Debt

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According to data from the U.S. Federal Reserve, by the end of 2018, the total amount of all student debt in the United States had reached $1.57 trillion, after piling up since the financial.

Student loan debt is the second largest source of household debt in the United States. The largest source is mortgage debt, which totaled nearly $9 trillion at the end of 2017. Since 2003, student debt has risen at the fastest rate of any other household debt and surpassed both auto loan and credit card debt in 2010.

Student debt has taken the place of public funding, and it is has become a slow-moving disaster. Seventy percent of graduates have student debt, with an average debt load of over $25,000 for those who graduate from public colleges. Student debt also exacerbates already existing wealth inequality.

When some people abuse the student loan system. If you think that student loan debt will go away, you are wrong to think that way because your evading antics is like a growing wound to a country’s economy every year. You are also hurting those hardworking taxpayers who contributed a bit to the student loan coffers every year.

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Other debt. According to a NerdWallet report, the average household in the U.S. carries a total debt load of nearly $135,000. For households carrying a specific type of debt, we’re looking at averages of roughly $50,000 in student loan debt, $29,000 in auto loan debt, and almost $17,000 in credit card debt.

No Recourse: Putting an End to Bankruptcy’s Student Loan Exception How student loans are treated differently than almost every other form of debt incurred by American households. Download the Full PDF. But despite the rise in student debt, student loans are treated differently than almost.

Record-breaking striking, in fact: Data from credit reporting agency experian that looked at debt as of the end of 2018 notes that credit card debt reached an all-time high of $834 billion. student. americans owed more than $1.3 trillion in student loans at the end of June, more than two and a half times what they owed a decade earlier.